More trouble for Koda: Aide admits he took bribe

Vikas Sinha, an accused in a money-laundering scam, has admitted that former Jharkhand Chief Minister Madhu Koda took bribe from many companies to award works of rural development, power projects and other schemes.

Vikas Sinha, an accused in a money-laundering scam, has admitted that former Jharkhand Chief Minister Madhu Koda took bribe from many companies to award works of rural development, power projects and other schemes.

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Koda, currently in judicial custody till January 19 in connection with a disproportionate assets case, is likely to be arrested soon by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act.

Vikas also affirmed that his brother, Binod Sinha, a “close friend” of Koda, handled the latter’s money by way of investing them in Emaar Alloys and other companies. Koda’s money was invested through a chartered accountant.

Vikas, as per the chargesheet submitted by the ED before the Court of Special Judge in Ranchi on January 4, has admitted making investments in companies through shares. The amount of share, ranging around Rs 45 crore, was sent in cash to Kolkata through one B.N. Gupta.

His chartered accountant, S.K. Naredi, arranged fake entry of money in the name of non-existing companies.